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Finding Value in Mid-Caps
Seeks to benefit from misunderstood, undervalued, or under-researched stocks
Why Mid-Cap Value?
Seeks value in opportunities that fall between volatile small caps and ubiquitous large caps
Sub-advised by Wellington
Wellington prioritizes independent thought and collaboration across all major asset classes
Objective: Seeks long-term capital appreciation.
Portfolio Management
8
YRS
MANAGING THIS FUND
19
YRS
AT WELLINGTON MANAGEMENT
28
YRS
EXPERIENCE IN THIS INDUSTRY
1
YRS
MANAGING THIS FUND
6
YRS
AT WELLINGTON MANAGEMENT
25
YRS
EXPERIENCE IN THIS INDUSTRY
The portfolio managers are supported by the full resources of Wellington.
Performance
PERFORMANCE %
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
SI = Since Inception.
Fund Inception: 04/30/2001
Share Class Inception: 5/28/10.
Class I-share performance prior to its inception date reflects Class A-share performance (excluding sales charges) and operating expenses. SI performance is calculated from 4/30/01.
Characteristics
FUND STATS
| # of Holdings | 84 |
|---|---|
| % in Equities | 99 |
| % in Foreign Equities | 2 |
| Beta (3 year) | 1.01 |
| R Squared (3 year) | 0.97 |
| Standard Deviation | 20.40% |
| Turnover | 153% |
| Active Share | 88% |
Holdings Characteristics
| FUND | Russell Midcap Value Index | |
|---|---|---|
| Price/Earnings | 12.4x | 14.2x |
| Price/Book | 2.2x | 2.5x |
| EPS Growth Rate | 15.6% | 10.7% |
| Asset Weighted Market Cap (billions) | $20.4 | $26.9 |
| Return on Equity | 17.5% | 15.0% |
| Median Market Cap (billions) | $14.8 | $10.6 |
Top Ten Holdings (%)
| M&T Bank Corp. | 2.09 |
| U.S. Foods Holding Corp. | 2.06 |
| Ingersoll Rand, Inc. | 2.03 |
| Willis Towers Watson PLC | 1.94 |
| L3Harris Technologies, Inc. | 1.88 |
| Dover Corp. | 1.87 |
| Westinghouse Air Brake Technologies Corp. | 1.83 |
| Stifel Financial Corp. | 1.83 |
| Nasdaq, Inc. | 1.79 |
| Coterra Energy, Inc. | 1.71 |
| Total Portfolio % | 19.03 |
Market Cap Distribution (%)
| Less than $2 billion | 2 | |
| $2 billion - $5 billion | 12 | |
| $5 billion - $10 billion | 19 | |
| Greater than $10 billion | 67 | |
| Not Classified | 1 | |
RETURN CHARACTERISTICS
|
Alpha (5 Year)
|
-0.14 |
|
Down Capture (5 Year)
|
99.71 |
|
Information Ratio (5 Year)
|
-0.03 |
|
Sharpe Ratio (5 Year)
|
0.59 |
|
Up Capture (5 Year)
|
99.46 |
Sector Exposure (%)
FUND |
BENCHMARK | UNDERWEIGHT / OVERWEIGHT | |||||
|---|---|---|---|---|---|---|---|
| 3/31/25 | 5/31/25 | 5/31/25 | -5 0 5 | ||||
| Industrials | 17 | 22 | 17 | ||||
| Financials | 20 | 20 | 18 | ||||
| Consumer Discretionary | 8 | 10 | 9 | ||||
| Materials | 4 | 7 | 6 | ||||
| Energy | 7 | 7 | 6 | ||||
| Health Care | 10 | 8 | 8 | ||||
| Consumer Staples | 6 | 5 | 6 | ||||
| Real Estate | 11 | 8 | 10 | ||||
| Information Technology | 4 | 7 | 9 | ||||
| Utilities | 10 | 6 | 8 | ||||
| Communication Services | 1 | 2 | 4 | ||||
Based on Global Industry Classification Standard (GICS), which was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P). Excludes cash. May not total to 100% due to rounding and/or pooled vehicle allocations.
Past distributions are not indicative of future distributions.
Insights
Fund Literature
03/31/2025 - PDF (496 KB)
This Fund Fact Sheet summarizes the Fund's investment approach, portfolio statistics, top holdings, and current performance.
03/31/2025 - PDF (128 KB)
Current quarterly commentary from our sub-adviser, Wellington Management, which includes a performance review, attribution, statistics, and positioning and outlook for the Fund.
03/31/2025 - PDF (166 KB)
Current quarterly commentary from our sub-adviser, Wellington Management, which includes a performance review, attribution, statistics, and positioning and outlook for the Fund.
03/31/2025 - PDF (154 KB)
Attribution analysis is a method for evaluating the performance of a portfolio compared to the benchmark.
03/31/2025 - PDF (154 KB)
Attribution analysis is a method for evaluating the performance of a portfolio compared to the benchmark.
PDF (110 KB)
A summary of a fund's full-length prospectus that provides key information potential investors should consider before making an investment decision.
03/31/2025 - PDF (498 KB)
This Pitchbook reviews the Fund's investment approach, investment team, investment process, and general portfolio parameters.
An unaudited financial report, which includes a fund's financial statements. These reports are intended for shareholders and others who have reviewed the fund's prospectus.
PDF (13 KB)
A legal document that discloses essential information about a fund, including investment objectives, risks, fees, expenses, fund manager background and other information.
An audited financial report, which includes a fund's financial statements. These reports are intended for shareholders and others who have reviewed the fund's prospectus.
Important Risks: Investing involves risk, including the possible loss of principal. Security prices fluctuate in value depending on general market and economic conditions and the prospects of individual companies. • Mid-cap securities can have greater risks and volatility than large-cap securities. • Value investing style may go in and out of favor, which may cause the Fund to underperform other equity funds that use different investment styles. • Foreign investments may be more volatile and less liquid than U.S. investments and are subject to the risk of currency fluctuations and adverse political, economic and regulatory developments. • To the extent the Fund focuses on one or more sectors, the Fund may be subject to increased volatility and risk of loss if adverse developments occur. • The Fund may have high portfolio turnover, which could increase its transaction costs and an investor's tax liability.
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